Americans are primed to pay more at the pump after President Trump dumped an accord with oil producer Iran.
The New York Daily News reported that Trump announced Tuesday (May 8) that the U.S., which negotiated the 2015 deal to curb Iran’s nuclear program with other international partners, was unilaterally pulling out and reimposing sanctions.
The price of a barrel of Brent crude hit more than $77 per barrel after the announcement, the first time it has reached that mark since 2014.
A surge in prices is good news for natural resource-dependant countries such as Russia and Saudi Arabia, though Americans will take a hit from the President’s decision as prices are expected to rise even higher towards $80.
AAA’s national gas price average was $2.82 as of early Wednesday, though states on the East and West Coasts ranged higher and New York’s average was $2.96.
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